By Stephanie N. Rotondo
Portland, Ore., Aug. 3 - Vornado Realty Trust sold $25 million of its 6.875% series J cumulative redeemable perpetual preferred shares to Cohen & Steers Capital Management, Inc., the company said in a filing with the Securities and Exchange Commission on Wednesday.
The real estate investment trust issued 1 million preferreds at $25.00 each plus accrued dividends from July 1 of $0.16232639. The total price per preferred was at a 1.5% discount to Wednesday's closing share price of $25.55 (NYSE: VNOPJ).
The proceeds totaled $25.16 million.
The company originally issued $201.25 million of the series J preferreds on April 14.
The liquidation preference is $25 per preferreds.
Dividends are payable quarterly on the first of January, April, July and October. There is no maturity date.
The company can redeem the preferreds after April 20, 2016 at par plus accrued dividends.
Proceeds will be contributed to the company's operating partnership, which will use the funds for general business purposes, including the redemption or repurchase of preferred stock and units.
Settlement is expected Aug. 5.
Vornado is based in New York.
| Issuer: | Vornado Realty Trust
|
| Securities: | Series J cumulative redeemable perpetual preferred stock
|
| Amount: | $25 million
|
| Proceeds: | $25,162,327
|
| Preferreds: | 1 million
|
| Price: | $25.00 plus accrued dividends of $0.16232639
|
| Dividends: | 6.875%, payable quarterly
|
| Redemption: | Optional after April 20, 2016
|
| Investor: | Cohen & Steers Capital Management, Inc.
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 5
|
| Preferred symbol: | NYSE: VNOPJ
|
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